Investment Rating - The investment rating for the company is "Buy" [2][4]. Core Views - The report indicates that the company's profit has turned positive in the first three quarters, and it is expected to maintain superior profitability compared to peers as historical burdens are cleared and operational efficiency improves [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue and net profit attributable to shareholders of 5.43 billion and 1.97 billion yuan, respectively, showing a year-on-year change of -4.15% and +1.51%. The profit for Q3 alone was 610 million yuan, reflecting a year-on-year increase of 23.73% [4]. - The weighted average ROE decreased by 0.16 percentage points to 4.24%, which is slightly better than expected [4]. Business Segments - The investment business saw a year-on-year growth of 17.8%, which was the main driver for the positive performance. Additionally, the asset management business benefited from the expansion of fixed income and increased performance fees [4]. - The growth in the investment business is attributed to the expansion of fixed income investment assets, which increased by 8.2% year-on-year to 108.9 billion yuan, and a shift towards high-dividend equity investments, with other equity investments rising to 3.06 billion yuan from 1.16 billion yuan in the previous year [4]. Future Outlook - The company is positioned as a mid-sized broker focused on wealth management, aiming to enhance profitability and value. With support from Ping An Group, operational efficiency is expected to improve further [4]. - The report maintains profit forecasts for 2024-2026, with net profits projected at 2.28 billion, 2.49 billion, and 2.76 billion yuan, respectively [4]. Market Data - The target price remains at 9.49 yuan per share, corresponding to a P/E ratio of 34.2x and a P/B ratio of 1.65x for 2024 [4]. - The current price is 8.58 yuan, with a market capitalization of 70.631 billion yuan [5].

Core Viewpoint - Recent macro policies have increased focus on consumption, with youth consumption identified as a key driver for overall economic activity [1] Group 1: Youth Consumption Trends - Before 2020, youth household consumption growth was 1.4 times that of overall consumption, contributing nearly 60% to consumption growth, positioning youth as the "leader" in Chinese consumption [1] - Post-2020, the growth rate of youth consumption has slowed significantly, with the consumption expectation index for households under 30 declining by 6.6%, compared to a 4.7% decline for households aged 41-50, indicating a more pronounced slowdown in youth consumption [1] Group 2: Factors Influencing Youth Consumption - The slowdown in youth consumption is attributed to employment pressures, with economic and employment structural adjustments lagging behind educational attainment [1] - As structural transformations are completed, industries related to new productive forces are expected to create more knowledge-intensive job opportunities, which may lead to improvements in youth employment and consumption in the future [1]

证券时报网讯，方正证券研报指出，1）人工智能应用由认知到产业渗透阶段，各行业对AI技术赋能的 拥抱态度更加明确。 随AI原生或AI Agent行业产品落地，对AI能力变现路径，各公司存在差异。 2）大模型性能提升+降本，MaaS预计2027年前成主流商业模式。 MaaS降低中小企业应用门槛，2023年MaaS市场规模约5%，预计至2027年，市场规模占比达47%。 对MaaS厂商，上半场为智算基础设施的比拼，下半场关键在规模效应释放及用户使用黏性。 3）AI SaaS以订阅制为主，B端较C端变现更快。 当前71.05%的AI SaaS采用订阅制，约七成应用仍处免费或试用以积累用户的阶段，约三成应用定价非 公开。 B端变现模式清晰且更快盈利，C端空间大、供给激发需求、增长潜力强但模式仍在探索。 4）行业软件AI+垂类落地有利于用户拓展及留存，企业级应用当前较大比例仍为非标准化，一定程度 的联合开发，根据投入协商定价。 5）解决方案及实施部署，头部厂商发挥客户及渠道优势，由标杆案例逐步标准化。 6）把握C端长尾及新用户，流量变现，用户数量为关键。 针对C端需求推出单点工具，吸引流量积累，然后通过广告等方式将流量变 ...

证券代码：601901 证券简称：方正证券 公告编号：2024-030 方正证券股份有限公司 第五届董事会第九次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担法律责任。 公司第五届董事会第九次会议于 2024 年 10 月 29 日以现场加视频的方式召开，现 场会议设在北京市朝阳区朝阳门南大街 10 号兆泰国际中心 A 座 19 层会议室。本次会 议的通知和会议资料于 2024 年 10 月 18 日以电子邮件方式发出。本次会议由董事长施 华先生召集和主持，应出席董事 9 名，实际出席董事 9 名（施华先生、宋洪军先生、 张忠民女士、张路先生、曹诗男女士、林钟高先生、柯荣富先生视频参会，何亚刚先 生、李岩先生现场参会），公司 3 名监事和部分高级管理人员列席了会议。本次会议的 召集、召开程序符合《公司法》、公司《章程》的有关规定。 2024 年 10 月 30 日 一、审议通过了《2024 年第三季度报告》 公司《2024 年第三季度报告》与本公告同日刊登在《中国证券报》《上海证券报》 《证券时报》《证券日报》和上海证券交 ...

Financial Performance - The company's operating revenue for Q3 2024 was CNY 1,710,377,777.42, representing a year-on-year increase of 5.97%[2] - The net profit attributable to shareholders for Q3 2024 was CNY 614,156,875.66, an increase of 23.73% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 614,507,646.30, reflecting a 27.39% increase year-on-year[2] - Total operating revenue for the first three quarters of 2024 was CNY 5,432,688,200.97, a decrease of 4.15% compared to CNY 5,668,034,273.26 in the same period of 2023[13] - Net interest income decreased to CNY 889,269,373.39 from CNY 1,126,416,291.09, representing a decline of 21.03%[13] - Net commission and fee income was CNY 2,904,357,537.29, down 5.25% from CNY 3,065,349,127.94 year-over-year[13] - Total net profit for the first three quarters of 2024 was CNY 1,914,292,505.04, compared to CNY 1,532,482,625.23 in 2023, marking an increase of approximately 24.9%[22] - Basic earnings per share for the first three quarters of 2024 were CNY 0.23, compared to CNY 0.19 in the same period of 2023, representing an increase of about 21.1%[23] - The total comprehensive income for the first three quarters of 2024 was CNY 2,313,503,838.42, compared to CNY 1,537,624,040.50 in 2023, indicating a growth of approximately 50.4%[23] Assets and Liabilities - The total assets at the end of the reporting period were CNY 237,391,843,041.80, showing a growth of 6.72% compared to the end of the previous year[3] - The total assets of the company as of September 30, 2024, have not been disclosed in the provided documents[10] - Total assets reached CNY 237,391,843,041.80, up from CNY 222,441,655,763.08, reflecting an increase of 6.73%[12] - The company's total liabilities increased to CNY 189,564,007,171.74 from CNY 176,350,360,715.00, an increase of 7.00%[12] - The company's total liabilities increased, with short-term financing payables rising to CNY 9,974,782,419.06 from CNY 7,711,090,663.23, marking an increase of about 29.3%[20] - The company's total liabilities increased to CNY 170,656,120,435.31 from CNY 152,323,820,419.55, indicating a rise of about 12.0%[21] Equity and Shareholder Information - The equity attributable to shareholders at the end of the reporting period was CNY 47,019,179,896.69, which is a 3.93% increase from the previous year[3] - The company's total equity rose to CNY 47,827,835,870.06 from CNY 46,091,295,048.08, an increase of 3.77%[12] - The total equity of the company reached CNY 45,976,933,168.77, up from CNY 44,247,908,523.42, which is an increase of approximately 3.9%[21] - The number of ordinary shareholders at the end of the reporting period was 226,298[7] - The total number of shares held by the top 10 shareholders was 2,363,237,014, with the largest shareholder, New Fangzheng Holdings Development Co., Ltd., holding 2,363,237,014 shares[9] - The top 5 shareholders collectively held 188,607,099 shares, representing 2.29% of the total shares[9] Cash Flow and Investments - The company's cash flow from operating activities for the year-to-date was CNY 5,712,221,131.54, with changes attributed to variations in financial asset scales and client funds[6] - The net cash flow from operating activities was CNY 5,712,221,131.54, a significant improvement compared to a net outflow of CNY 4,757,978,881.48 in the same period last year[19] - The company's cash and cash equivalents amounted to ¥63,387,330,672.16, an increase from ¥52,032,362,113.56 as of December 31, 2023, representing a growth of approximately 21.5%[10] - Cash and cash equivalents at the end of the period amounted to CNY 69,493,348,735.77, up from CNY 54,853,883,716.87, indicating an increase of approximately 26.6%[19] - The company reported a net increase in cash and cash equivalents of CNY 11,798,206,530.98 for the period, compared to an increase of CNY 2,393,945,618.45 in the previous year[19] - The cash inflow from operating activities totaled CNY 15,622,964,869.84, down from CNY 34,751,646,676.21 in the previous year, indicating a decrease of about 55.0%[17] - The company issued bonds that generated cash inflow of CNY 11,112,510,000.00, compared to CNY 12,768,270,000.00 in the previous year, reflecting a decrease of approximately 13.0%[19] - The net cash outflow from investment activities was CNY 98,870,241.83, slightly improved from a net outflow of CNY 101,582,918.92 in the previous year[19] Investment Income - The company's investment income increased by 113.30% due to higher returns from investment and trading activities[6] - Investment income significantly increased to CNY 1,984,581,545.74 from CNY 930,431,481.29, marking a growth of 113.06%[15] - The net investment income surged to CNY 1,809,248,554.57, significantly higher than CNY 426,327,446.82 in the previous year, reflecting a growth of approximately 324.5%[22] Other Financial Metrics - The weighted average return on equity for Q3 2024 was 1.31%, an increase of 0.19 percentage points compared to the previous year[3] - The company reported a decrease in financial assets held for trading, totaling CNY 56,922,738,410.61, compared to CNY 56,075,442,932.77, a decline of 1.50%[12] - The company’s financial assets classified as other debt investments increased in fair value by CNY 71,805,745.08 compared to CNY 32,715,567.61 in the previous year[16] - The company has not indicated any new strategies or product developments in the current reporting period[10]

方正证券：2024年第三季度净利润6.14亿元 同比增长23.73% 财联社10月29日电，方正证券发布2024年 第三季度报告，公司前三季度实现营业收入54.33亿元，同比下降4.15%；净利润19.65亿元，同比增长 1.51%；基本每股收益0.24元。 其中，第三季度实现营业收入17.10亿元，同比增长5.97%；净利润6.14亿元，同比增长23.73%。 查看公告原文 ...

证券代码：601901 证券简称：方正证券 公告编号：2024-028 方正证券股份有限公司 2024 年半年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利 0.048 元 相关日期 3、分配方案： | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/10/10 | － | 2024/10/11 | 2024/10/11 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 9 月 12 日的 2024 年第一次临时股东大会审 议通过。 二、 分配方案 1、发放年度：2024 年半年度 2、分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公 司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 本次利润分配以方案实施前的公司总股本 8,2 ...

证券代码：601901 证券简称：方正证券 公告编号：2024-029 方正证券股份有限公司 关于参加湖南辖区2024年度投资者网上集体接待日 活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 为进一步加强与投资者的互动交流，公司将参加由中国证券监督管理委员会 湖南监管局、湖南省上市公司协会与深圳市全景网络有限公司联合举办的"湖南辖 区 2024 年度投资者网上集体接待日"活动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP,参 与本次互动交流，活动时间为 2024 年 10 月 10 日（星期四） 14:00-17:00。届时 公司证券事务代表谭剑伟先生将在线就投资者关心的问题，与投资者进行沟通与 交流，欢迎广大投资者踊跃参与！ 特此公告。 方正证券股份有限公司董事会 2024 年 9 月 26 日 ...

证券Ⅱ 分析师：张洋 登记编码：S0730516040002 zhangyang-yjs@ccnew.com 021-50586627 权益自营逆市取得较好回报，整体业绩保持稳定 ——方正证券(601901)2024 年中报点评 发布日期：2024 年 09 月 18 日 证券研究报告-中报点评 增持(维持) | --- | --- | |-------------------------------|------------| | 市场数据 (2024-09-13) | | | 收盘价 ( 元 ) | 6.85 | | 一年内最高 / 最低 ( 元 ) | 10.05/6.29 | | 沪深 300 指数 | 3,159.25 | | 市净率 ( 倍 ) | 1.21 | | 总市值 ( 亿元 ) | 563.90 | | 流通市值 ( 亿元 ) | 563.90 | | 基础数据 (2024-06-30) | | | 每股净资产 ( 元 ) | 5.68 | | 总资产 ( 亿元 ) | 2,249.29 | | 所有者权益 ( 亿元 ) | 467.86 | | 净资产收益率 (%) | 2.93 | ...

证券代码：601901 证券简称：方正证券 公告编号：2024-027 2024 年第一次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 方正证券股份有限公司 （一）股东大会召开的时间：2024 年 9 月 12 日 （二）股东大会召开的地点：北京市朝阳区朝阳门南大街 10 号兆泰国际中 心 A 座 19 层会议室 | （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | | --- | 审议结果：通过 | 表决情况： | | --- | | 1、出席会议的股东和代理人人数 | 1,529 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 4,357,177,541 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 52.9291 | | 份总数的比例（%） | | （四）表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况 等。 本次股东大会由董事会召集， ...